Hi,
I have an income from my Mutual Fund business, if there is a loss Section 44AD is applicable ?
Below article mentioned commission income is exempt from section 44AD
https://www.simpletaxindia.net/2013/08/tax-audit-mandatory-if-turnover-of.html
Following are Excluded /not covered under 44AD
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.
Recently I received notice under section 139(9) saying enter negative value in prodif column.
Thanks
Nagarajan
CAclubindia
